FINANCING

TotalEnergies will be allocating up to 40 percent of additional cash flow to share buybacks as rallying commodity prices helped it generate in the second quarter more than double cash flow from operations compared to Q2 2020. TotalEnergies reported on Thursday an adjusted net income of $3.46 billion for the second quarter of 2021, up from $129 million for Q2 ...

The Nigerian National Petroleum Corporation spent a total of N219.4bn on oil and gas assets being developed through joint ventures with private firms as well as government priority projects in the first two months of this year. The NNPC spent N108.93bn on the JV assets and the priority projects in January while N110.47bn was expended in February. The NNPC transferred ...

Shareholders of Oando Plc have heaved a sigh of relief, after months of lull in the activities of the leading indigenous oil conglomerates on the trading floor of Nigerian Stock Exchange, NSE, as the company saw transaction rising by 10 per cent in its share price in three days. It could be recall that, after a plethora of court cases ...

The Federal Government has inaugurated the governing board of the Nigeria Extractive Industries Transparency Initiative (NEITI) to enhance the smooth running of its administration. Mr Boss Mustapha, Secretary to the Government of the Federation (SGF), who performed the inauguration on Thursday in Abuja, congratulated the members, saying their appointment as NEITI board members was based on individual merits and track ...

The statutory payments made by the Nigerian National Petroleum Corporation (NNPC) to the Federation Account, a joint pool operated by the local, state and federal governments, declined by over 63 per cent in the first five months of 2021, . An analysis of the data presented by the national oil company to the Federation Account Allocation Committee (FAAC), in the ...

Westport Oil Limited, a subsidiary of Seplat Energy Limited, has secured a $50 million offtake linked reserved based lending facility due April 2027. The Offtake Facility is subordinated to the $110 million senior reserve based lending facility (the ‘’RBL’’). It attracts an initial interest of Libor +10.5% payable semi-annually and is scheduled to commence repayment from March 2023. Affirming this, ...

Oando PLC (referred to as “Oando” or the “Company”) said that it has entered into settlement with the Securities and Exchange Commission (SEC). As a result Oando Plc is set to convene its 42nd Annual General Meeting (AGM) to give its shareholders the opportunity to exercise their rights to receive information as well as vote on company affairs. Oando made ...

The report on Oil and Gas was presented to the Media and Civil Society Organisations by Mr George Abiye, Assistant Director, Oil and Gas, NEITI on Tuesday in Lagos. The report showed Nigeria earned 34.22 billion dollars from the oil and gas sector in 2019, a 4.88 per cent increase over the 32.63 billion dollars realised in 2018. The 2019 ...

The federal government is projecting N900 billion for fuel subsidy in an estimated N11.907 trillion budget for 2022. The Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed, said at a public presentation of the 2022-2024 Medium Term Expenditure Framework (MTEF) and Fiscal Strategy Paper (FSP) yesterday in Abuja that at least N900 billion was being projected for fuel ...

The passage of the Petroleum Industry Bill (PIB) by the National Assembly will now transform the Nigeria National Petroleum Corporation (NNPC) to a limited liability company which operations would now fall within the provisions of the Companies and Allied Matters Act, 1990 as amended. The new status was reflected in the just passed PIB as contained in the report by ...